Hangcha (603298) 华安证券·2025-04-25 07:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% year-on-year [4][7] - The company is actively expanding its international market presence, with overseas revenue accounting for approximately 42% of total revenue, and has established over 10 overseas companies in key global markets [4][5] - The company has a comprehensive product line in the new energy sector, including various lithium battery and hydrogen fuel cell forklifts, which have gained wide recognition in both domestic and international markets [6] Financial Performance - In Q1 2025, the company achieved revenue of 4.506 billion yuan, an increase of 8.02%, and a net profit of 436 million yuan, up 15.18% [4] - The forecasted revenue for 2025-2027 is 18.035 billion yuan, 20.214 billion yuan, and 23.083 billion yuan respectively, with corresponding net profits of 2.235 billion yuan, 2.557 billion yuan, and 2.963 billion yuan [7][10] - The company's current P/E ratios are projected to be 11, 10, and 9 for the years 2025, 2026, and 2027 respectively [7] Strategic Initiatives - The company is leveraging its lithium battery forklifts to penetrate traditional high-end markets in Europe and North America, while also tapping into emerging markets in Southeast Asia [5] - The establishment of a wholly-owned manufacturing subsidiary in Thailand enhances local supply capabilities and reduces tariff costs through ASEAN free trade agreements [5] - The intelligent logistics segment is expected to become a new growth curve for the company, with over 1,000 projects implemented across various industries [6]